Millions Of Baby Boomers Are Thinking Of Going To College

College Student

Photo: SMBCollege

Consider these compelling statistics about the age of today’s college students: Of 17.6 million undergraduates, only 15 per cent attend four-year schools and live on campus.30-seven per cent are enrolled part-time, while 25 per cent of them are over the age of 30. This new older student population is only going to get older. With 78 million baby boomers hitting traditional retirement age, many are returning to school to gain the skills to begin “an encore career.” 

It’s time for the nation’s community colleges and universities to start paying attention. Two changes are in order.

First, community colleges need to reevaluate their priorities. Obama’s recent jobs speech called for $5 billion to go to improving community college infrastructure. Not surprisingly, this proposal aroused much fanfare with community college advocates. But we don’t need new gyms and flashier buildings. We need institutions to provide programs that fit the needs, wants, and desires of ageing populations. As one study shows, colleges are not prepared to serve the rising influx of older students. 

Second, the structure of schools needs to change. The traditional semester system assumes that students only juggle school with extracurricular activities and trips back home to do laundry. Yet  traditional scheduling is a tremendous burden for “non-traditional” students, and it prevents many from attending or staying enrolled.

In this struggling economy, educational reform for older students might seem a mere distraction. But ageing populations will play a decisive role in both our near- and long-term economic success.  Presidential hopefuls are currently clashing over ways to fix the stubbornly high unemployment rate.

Yet that number (still over 9 per cent) will seem minuscule if we can’t create programs that will enable older people to find productive work in their later years. Turning this segment of the population into an economically productive and wealth-creating group of Americans is also essential to the nation’s competitiveness.

This is especially true if you consider the traditional model, in which those aged 55 to 80 are presumed inactive and/or dependent.  Given the exploding size of this population today – both as an absolute amount of citizens and a percentage of the overall population, in view of low fertility rates – this old model simply is not fiscally sustainable.

As America addresses its ageing population issue, often under the banner of entitlement reform – Medicare and Social Security – it’s critical that we also connect ageing and education, and keep those topics connected. We simply can’t ignore the demographic reality that there are more adults over 60 than there are children under 15. 

This post originally appeared at The Fiscal Times.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.